Reply #8: My 5 steps... [View All]

[LeftHandPath]

1. Enforce the current regulations, end the fraud in home mortgage industry and punish those who perpetrated fraud, including those who lied on mortgage applications.
2. Restore Glass-Steigal and break up the banking monopolies.
3. Make it illegal to write Credit Default Swaps without margins, reserves to meet a default, and an open exchange with daily mark to market.
4. End all off balance sheet (ENRON) holdings, and make all assets marked to market daily. No exceptions. If your mark falls below your margin, pay up or liquify.
5. Update the Federal Reserve act with 'or else' language to include prison terms for violation of the act, or purchases of assets outside of its rules.